Global market research firm Euromonitor International shared insights on how corporations can enter the Indonesian market during its first Indonesia conference at Pullman Jakarta Central on September 25.t.
According to global market research firm Euromonitor International, Indonesia has the most important variety of middle-class households in ASEAN, accounting for 30 percent of households in 2018. “This offers companies significant market potential to tap Indonesia,” says Adhitya Nugroho, research manager at Euromonitor.
Travel is about to change into considered one of the fastest-growing categories within the country, growing 49.2 percent by 2023. Led by millennials, who usually tend to spend money on travel than other demographics, the willingness to spend money on convenience and experience means an unprecedented increase in travel in Indonesia. In addition, smartphone penetration, which reached 142 percent of households in 2017, helps the younger generation spend extra money on vacation planning.
Euromonitor also revealed that by 2030, Sumatra’s largest cities may have the most important proportion of middle-class households.
“Medan, Bandar Lampung and Padang will be the three largest cities in Indonesia, where almost 50 percent of the population will enjoy annual incomes ranging from $10,000 to $25,000,” Euromonitor research manager Adhitya Nugroho said in a press release.
Smartphone penetration, which reached 142% of households in 2017, also fuels the trend of spending more on holiday planning.
Euromonitor International is a number one global provider of business information and strategic market evaluation.
He has over 40 years of experience in publishing international market reports, business guides and online databases on consumer markets.
Source: BERNAMA | businesswire.com
